Rupee weakens on increased demand for American currency by bankers and importers

Indian rupee weakened against the US dollar on Monday on account of increased demand for the American currency by bankers and importers amid lower opening at domestic markets. Though, dollar’s weakness against other global currencies restricted rupee’s fall. On the global front, the dollar wobbled against the yen and euro on Monday, cautiously held in a narrow range ahead of the impending first debate between US presidential candidates that could determine the currency's near-term direction.

The partially convertible currency is currently trading at 66.71, weaker by 5 paise from its previous close of 66.66 on Friday. The currency touched a high and low of 66.78 and 66.7025 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.65 and for Euro stood at 74.67 on September 23, 2016. While the RBI’s reference rate for the Yen stood at 66.08, the reference rate for the Great Britain Pound (GBP) stood at 86.92.The reference rates are based on 12 noon rates of a few select banks in Mumbai.